IT Holding administration proceeding OK'd; commissioners secure €30 million for Ittierre

By Caroline Salls

Pittsburgh, March 3 - IT Holding SpA and several subsidiaries received approval from Italian minister of economic development Claudio Scajola to launch administration procedures, according to a news release.

The companies covered by the ruling include IT Holding SpA, IT Holding Commercial Services Srl, ITC SpA, Gianfranco Ferre SpA, Nuova Andrea Fashion SpA, Exte Srl, ITR USA Retail Srl, Plus IT SpA and Malo SpA.

Stanislao Chimenti, Andrea Ciccoli and Roberto Spada have been nominated as commissioners for the administration proceedings.

According to the release, these are the same commissioners who were appointed for Ittierre SpA's extraordinary administration procedure on Feb. 12.

In addition, the commissioners have obtained €30 million in credit facilities from five banking groups for Ittierre's proceeding to allow the company's industrial and commercial operating activities to resume.

The commissioners said the banking groups involved are Gruppo Unicredit, Gruppo Banca Popolare dell'Emilia Romagna, Gruppo Banca Popolare di Milano, Gruppo Banco Popolare and Gruppo Intesa San Paolo.

IT Holding is a Milan, Italy-based holding company for fashion brands, including Versace, Dolce & Gabbana and Roberto Cavalli.

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